There are ways around the “bake selected only” option in UE4. This requires using levels though (This is used in many of the projects from Epic on the Marketplace, such as Strategy Game and Vehicle Game). Essentially you’re Persistent level is the base level that anything in that will be visible to any levels below it. So what I’ve done on my projects is to have the Persistent have hardly anything at all.
I’ll set up a level for lights, base geometry, assets, etc.
By using this method you can then control what lighting information is baked where. For instance, if I have a house and setup each room to be a separate level You could then have only that room selected and bake lighting for that room without affecting the others.
I know this requires a little more setup and thinking but it’s a work around that I’ve found to work for me on some occasions.